The document describes "The Found Money Program", which identifies and secures refunds and credits for prior year state unemployment insurance tax overpayments. It aims to reduce future tax rates for clients at no cost, paying fees only if refunds/credits are secured. It analyzes rate calculations and business variables to find savings averaging $300,000. The process requires little client time and information, performing vertical analyses to leave no potential savings unfound.
An Accounting and Financial Professional that improves financial controls, procedures and processes to improve asset protection, financial reporting and financial performance.
Specialties: acquisitions, adp, auditing, balance, budgeting, business management, closing, consolidations, due diligence, financial, financial analysis, financial statements, forecasting, general ledger, inventory management, management, microsoft excel, microsoft office, microsoft outlook, microsoft powerpoint, microsoft word, office management, organizational skills, policy analysis, presentation skills, process engineering, sales, staff development, year end accounts,
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Autenticación y Gestión de Identidades, Protección del Dato, Protección de Endpoint, Threat Protection, Auditoría, Consultoría, Asesoramiento Personalizado, Formación
An Accounting and Financial Professional that improves financial controls, procedures and processes to improve asset protection, financial reporting and financial performance.
Specialties: acquisitions, adp, auditing, balance, budgeting, business management, closing, consolidations, due diligence, financial, financial analysis, financial statements, forecasting, general ledger, inventory management, management, microsoft excel, microsoft office, microsoft outlook, microsoft powerpoint, microsoft word, office management, organizational skills, policy analysis, presentation skills, process engineering, sales, staff development, year end accounts,
Juan Miguel Velasco López Urda, Seguridad Informática. CLOUD COMPUTING,
Autenticación y Gestión de Identidades, Protección del Dato, Protección de Endpoint, Threat Protection, Auditoría, Consultoría, Asesoramiento Personalizado, Formación
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Demystifying SRED and Other Tax Tips for Entrepreneurs - MaRS Best PracticesMaRS Discovery District
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In this session, Welch’s Business Incentives leader, Terry Lavineway, will describe the process that entrepreneurs should employ when identifying and leveraging these incentives and an approach that can maximize access to this source of capital. He will provide detailed information on some of the more significant incentives available, including scientific research and experimental development (SRED) and digital media refundable credits.
Additionally, Bryan Haralovich, Welch’s Technology Service Sector leader, will provide an overview of the income tax compliance requirements imposed on entrepreneurs. This includes what must be filed, the timing of filings and the information required to complete the filings. He will address tax tips such as corporate structure, shareholder planning, international tax considerations and exit planning.
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From ITC Agent Conference 2015...
Attend this session to learn about the things agencies should consider - even if they are NOT interested or ready to sell - to maximize their agency's valuation.
This document contains the highlights of a presentation made at the EEI Fall Accounting Conference in Miami, Florida on November 15, 2017.
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For additional information, please contact us at www.scottmadden.com.
1. State Unemployment Tax Recovery
“The Found Money Program”
March 30, 2016 1Confidential & Proprietary
2. What’s “The Found Money Program”?
Confidential & Proprietary Page 2
“The Found Money Program” is a performance-based solution delivered and performed at NO COST to you. It
is designed to identify and secure cash refunds and credits for prior year State Unemployment Insurance
(“SUI”) tax overpayments and reduce your future SUI tax rates.
NO COST means NO REFUNDS/CREDITS = NO FEE PAID! A true “Win-Win” for our clients!
Quick Facts
• Client savings average in excess of $300,000
• NO COST to you – a fee is paid ONLY if we secure savings on your behalf (fee = % of savings)
• Non-invasive and non-intrusive service - all work performed at our offices in New Jersey
• No detailed payroll records required - only copies of annual rate notices and quarterly filing summaries
• Requires very little employee time – the time is all on us
• All refunds/credits go directly from the state(s) to you – we never take custody of your assets
• Sample clients include: Viacom, CBS and Tiffany and Company
3. Introduction
Confidential & Proprietary Page 3
• Many unsuspecting businesses overpay on their SUI taxes each year. This is due
in large part to the complexity of state tax rate calculations, the many variables
involved therein and the high level of inherent risk that exists in anything the state
administers on your behalf.
• Our solution puts “found money” back into your pocket. In fact, many of our
clients have realized savings and cash “back-in-pocket” in excess of $300,000 as a
result of our work.
• Many of our clients were employing outside firms and assumed their annual tax
rates were fine; our service and its success proves otherwise. To protect
themselves, many companies will use an outside firm to manage their unemployment
function, from rate validation to claims processing.
• By reducing your SUI expense, we can put significant resources back into your
bottom line. Our service also helps you reduce your annual tax rates for years to
come and guides your staff on how to identify issues in future years.
4. Sample Client List
Confidential & Proprietary Page 4
Acosta Sales & Marketing
Bi-Lo / Winn Dixie
Cardinal Health
CBS
CDW Associates
Curtis Circulation Company
Hudson News Group
KeyBank
Tiffany and Company
Valley National Bank
Viacom
5. Why are Companies Overpaying?
Confidential & Proprietary Page 5
Because state tax rate calculations used to determine your annual tax rates are
complex and incorporate many variables and many moving parts. Consequently
there is a high inherent risk these variables are adversely impacting your tax rates.
Our program is designed to carefully analyze these many variables through our review of
areas including but not limited to:
• State tax rate calculation models and application
• Contributions paid-in to date
• Reserve balances and benefit ratios
• Employee transfers
• Federal Employer Identification Number (“FEIN”) tax structures
• Impact of significant business transactions
6. Transparency of Our Service
Confidential & Proprietary Page 6
We take pride in providing you tremendous financial rewards while doing so in a transparent
manner:
• No detailed/confidential payroll information is required
• Requires very little employee time - if any at all
• You receive all refunds/credits directly from the state
• Non-invasive, non-intrusive - all work performed at our office
7. Minimal Information Required
Confidential & Proprietary Page 7
During our program delivery we analyze the current and prior three years of SUI taxes paid.
This is because most states use a three year rolling history to determine your annual SUI
rates. As such, the only information we require for the current and prior three years is:
• Annual state rate notices – for all states active during the review period (current and
prior three years)
• Quarterly state unemployment tax filing summary page – for all FEIN’s during the
review period (we DO NOT require the accompanying taxable wage reports by employee)
• List of any significant business transactions – i.e., M&A, restructurings, transfers
8. Why are we successful?
Confidential & Proprietary Page 8
• Client-first relationship
• We leave no stone unturned – your financial success is our success
• A deep-dive, vertical analysis for every FEIN
• Highly technical and client friendly staff
• Credible relationships with state agencies
• Highly ethical – we terminate any client relationship if asked to “SUI dump”
9. Review Process
Confidential & Proprietary Page 9
Retroactive Review:
We review the last three years of SUI payments and the variables therein in order to
identify and secure refund/credit opportunities from prior overpayments.
Prospective Review:
• We review your current tax structure and evaluate knowledge of any upcoming
business transactions to minimize unemployment tax payments in the future
• We evaluate the impact of our retroactive review on future tax rates
• We analyze opportunities for voluntary contributions for the upcoming tax year
10. “One Size Fits All”
Confidential & Proprietary Page 10
“The Found Money Program” can service any sized client in any industry, from a small
mid-sized regional distributor to the largest Fortune 100 company. We have:
• A comprehensive database solution for data analysis
• A systemic review process for efficient identification of issues
• An in-depth knowledge of all state and provincial laws
• Many years of experience in the field
• Experience in efficient dealing with state agencies
11. Why we succeed even if a client uses a full-service
unemployment firm
Confidential & Proprietary Page 11
Full-service firms do not do the deep-dive, vertical analysis necessary to reasonably analyze
your tax rates each year (each year requires a deep-dive analysis of the prior 3 year rolling
history). Why? Economies of scale dictate most of their time and resources be dedicated to
services that are quantifiable and justifiable to the client:
• Claims processing – profitable, turn-key, measurable and usually generates savings for
the client in excess of fees
• Large consulting projects – special projects are manageable and usually generates
savings for the client in excess of upfront fees
• Voluntary contribution analysis – annual review determining if voluntary contributions are
beneficial (usually infrequent and rare)
12. Program Timeline and Sequencing
Confidential & Proprietary Page 12
1. Execute agreement
2. Receive rate notices and quarterly tax filing summary pages
3. Preliminary analysis - cross-analyze data components, business transactions and tax
structure
4. Issue preliminary status report – report our initial findings to you
5. Report findings to state – upon your approval
6. State approves and issues refunds/credits – these go directly to you
7. Invoice you for refunds/credits identified and secured – we do this only once you
confirm your receipt of said refunds/credits
13. CMS Group Contact Information
Confidential & Proprietary Page 13
Matt Walsh
President and CEO
CMS Group
Two Forest Avenue
Oradell, New Jersey 07649
201 690 6687 DIRECT
201 925 0508 CELL
mwalsh@cmsgroupus.com
